1. Field of the Invention
The present invention relates to devices which aid in evaluating natural resource property. More particularly, but not by way of limitation, the present invention relates to a computer based system for evaluating particular oil and gas property using the Internet.
2. Related Art
Presently, the Internet permits client computers to request information from information providers computers (servers), which supply the requested information to the client computer. The World Wide Web (WWW) is a known standard for storing, finding, and transferring information on the Internet.
Information is commonly transmitted in textual, graphical, and scriptural formats which are referred to as object files. An object file includes a particular network address called a URL (Uniform Resource Locator).
A server computer acts as the portal to access the requested object information. The server can retrieve object files located in its data base as well as remote data bases of other servers. The server portal was conceptually to provide an information gathering service, but has more recently also provided a venue for advertising.
In a somewhat related industry to that of the present invention, there exist methods for accessing information about real estate properties for sale, through multimedia personal computers employed an interactive multimedia communications system for the production, transmission, and retrieval of real property data and related information. The access provides information on a particular property, community, financing, demographics, and related information. Thus, the conceptual role of xe2x80x9cinformation gatheringxe2x80x9d was applied to real estate. However, the viewer is left for the most part to assimilate the information and arrive at a purchasing decision on their own.
In the field of oil and gas properties, there are an extremely large number of factors which are traditionally considered in determining whether to acquire the property. These factors are usually compiled by a landman who gathers the information and presents the information to a potential buyer. This technique is time consuming and does not necessarily provide an answer for the buyer which decidedly aids one""s purchasing decision. Moreover, the information gathering process is extremely costly and not always readily accessible from a single location and since the oil and gas property is continuously changing in character due to such factors as depletion, recovery technology, etc., such information is outdated when received.
Therefore, there remains a need to improve the method and tools which are available to aid a buyer of oil and gas property. It is the aim of the present invention to provide a due diligence device which is efficient and convenient and provides the buyer with an easily viewed decision making tool to aid them whether to invest in the depleting property. The computer based system for evaluating particular natural resource property as set forth in the present invention overcomes the aforesaid deficiencies in the art.
This invention is directed to meeting the needs and solving the problems of purchasing oil and gas property.
An object is to provide an Internet computer based due diligence device in the field of natural gas and oil properties.
Another object is to provide a method performing due diligence in the field oil and gas property acquisitions via the Internet.
It is still another object to aid in the assimilation of natural resource property information into a more user friendly viewable chart format.
According to one aspect of the invention, a computer based system for evaluating particular natural resource property is provided. The computer based system includes:
a remotely located client computer based device having means for remote communication and application software means for generating an Evaluation Request corresponding to a particular natural resource property; and
a local server computer based device having means for remote communication and having application software for performing due diligence and evaluating the natural resource property which is responsive to the Evaluation Request of the remotely located client computer based device, where upon receipt of the Evaluation Request the local computer based device initiates the application software for performing due diligence and generates a GET Request corresponding to a predetermined characteristic data for the particular natural resource property from at least one of a remote database and a local database, and further has software means for receiving and manipulating the predetermined characteristic data assigning a predetermined weighting factor corresponding thereto and generating at least one of a Determinative Evaluation Report and a valuation/purchase feasibility graph indicative of the natural resource""s value.
In a preferred aspect, there are multiple predetermined characteristic data and which are verified to be current prior manipulation. The computer based system is preferably characterized to be one for evaluating an oil and gas property. The predetermined characteristic data includes at least one of:
payout calculations;
preferential rights;
depth reservations;
depth restrictions;
seller retention rights;
state/federal/tribal bonding approvals;
state/federal/tribunal assignments approvals;
be environmental assessments;
liens;
undeveloped acreage;
untested zones;
deep potential;
seismic activity;
title evaluations;
working interest;
net revenue interest;
overriding interest;
known production history;
verification of production;
existing valuations; and
encumbering legislation.
Prospective remote client buyers (Internet buyers) enter requests and receive requested information, including the characteristic predetermined data, an easy to view valuation graph and a determination report whether the property is suitable for purchase.